EXACT Therapeutics Receives Investment from GE HealthCare to Advance Therapeutic Ultrasound in Pancreatic Cancer using ACT®
Oslo, Norway; December 02, 2024
EXACT Therapeutics (Euronext Growth: EXTX) today announced a strategic collaboration with GE HealthCare focused on advancing ultrasound mediated therapeutic enhancement with Acoustic Cluster Therapy (ACT®) within the field of abdominal cancer. As part of the agreement, GE HealthCare will participate as a cornerstone investor, committing 7 MUSD to EXACT Therapeutics' (EXACT-Tx) planned private placement.
The private placement will be utilized to support the ENACT study, EXACT-Tx’ Phase 2 clinical study in first-line patients with locally advanced pancreatic cancer. Pancreatic cancer is the 12th most common cancer worldwide with around 510,000 new cases every year (World Cancer Research Fund International). Locally advanced pancreatic cancer patients make up 30-40% of the overall patient population (Roalsø, 2022). Pancreatic cancer is one of the deadliest cancers and in the U.S., after 5 years only 12.8% of patients are alive (SEER).
GE HealthCare, a global leader in medical technology, will enter a 4-year collaboration with EXACT-Tx leveraging EXACT-Tx’s proprietary and innovative ultrasound and microbubble mediated ACT. ACT is a novel technology that has the potential to enable targeted, organ-specific drug delivery to tumors. Under the agreement, EXACT-Tx will exclusively work with GE HealthCare for development and supply of probes and consoles for EXACT-Tx’s clinical studies. This collaboration marks a significant milestone in accelerating the use of therapeutic ultrasound in oncology.
"This collaboration with EXACT Therapeutics supports our commitment to helping clinicians deliver more precise and efficient care to patients and expanding the use of ultrasound beyond screening and diagnosis and into the therapeutic space," said Sudha Maniam, General Manager, Probes and Emerging Applications, GE HealthCare. “We look forward to exploring the full potential of this innovative therapy, which could help transform how we treat people living with cancer.”
EXACT-Tx was spun-out from GE HealthCare in 2012. GE HealthCare will participate as cornerstone investor and invest 7 MUSD in EXACT-Tx’s upcoming private placement together with new and existing investors. Today, GE HealthCare does not own any shares in EXACT-Tx. After a potentially successful closing of the private placement, GE HealthCare is expected to be a significant minority shareholder and is proposed to take up a non-executive position at the Board of Directors.
Per Walday, CEO of EXACT Therapeutics comments, “We are excited about this strategic collaboration with GE HealthCare which opens a pioneering path to bring non-invasive ultrasound with microbubbles into the cancer therapy space. As a global leader in medical technology, GE HealthCare is the perfect partner and cornerstone investor for the private placement to fund our Phase 2 ENACT study in pancreatic cancer. Pancreatic cancer is one of the deadliest cancers and has a growing patient population, in particular in younger population groups. The ENACT study is planned to be initiated around year-end 2024.”
EXACT-Tx retains all commercial rights to ACT® worldwide.
About EXACT Therapeutics
EXACT-Tx is a clinical-stage precision medicine company utilizing the power of ultrasound and microbubbles to enable targeted drug delivery in oncology. Acoustic Cluster Therapy (ACT®) follows a unique approach and may be applied to a wide range of therapeutic agents within oncology and across a multitude of other indications including brain diseases. www.exact-tx.com
For further information, please contact:
Per Walday
CEO EXACT Therapeutics
Email: per.walday@exact-tx.com